Central Bank revokes license of Dagestani NPO 'MGB'

Today the Russian Central Bank revoked the license for banking operations of the non-bank credit organization (NPO) 'MGB' registered in Makhachkala, the regulator said.

The decision to use extreme enforcement measures – revocation of a license for banking operations – was made by the Russian Central Bank in connection with the failure of the organization to carry out federal laws regulating banking activities, and regulations of the Bank of Russia.

The credit organization did not comply with the law on countering the legalization (laundering) of criminally gained proceeds and terrorist financing in the sense of order of identification of their clients.

An interim administration has been appointed for the NPO 'MGB'.